The stock market capped its eighth consecutive winning week on Friday following reports on cooler inflation. This was the longest win streak of the market since 2017.
The core Personal Consumption Expenditures (PCE) price index for November rose only by 0.1% from the previous month and 3.2% from a year ago. The actual figures were in line with expectations. The core PCE is the Federal Reserve’s preferred inflation gauge.
Overall, S&P 500 and NASDAQ closed higher by 0.2% to 4,755 and 14,993, respectively.
Tweet of the Day
How one Ameriprise advisor invests $58,000. pic.twitter.com/Z6Q4rsQLer
— Mark Meredith, CFP®️ (@MarkTMeredith) December 22, 2023
Chart of the Day
Here is the one-year chart of Bill.com (BILL) as of November 29, 2023, when the stock was at $68.
Bill.com stock got smoked after management lowered guidance. The stock fell from $89 to $69 the day after the company reported earnings. In the earnings call, management stated that it was seeing more intense macro pressure related to spending late last quarter till October. They blamed the slowdown on high interest rates and tighter credit markets. However, they failed to mention the competition from Intuit’s Quickbooks (which is a BIG concern). Management then said large customers have cut their spending with Bill.com and their customers suppliers have become more selective with payment choices.
